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The Kroger Co. high bidder for
Lincoln Eagle store    
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[AUG. 22, 2003]  MILAN -- Eagle Food Centers, which owns and operates supermarkets in Illinois and Iowa, announced Wednesday that it has accepted bids for certain assets of eight of its stores.

The Kroger Company has emerged as the highest and best bidder for the following six stores: Sterling, Lincoln, Decatur, Ottawa and two stores in Rockford. SVT LLC emerged the successful bidder for the Kankakee store, and Harold E. Wisted was deemed the successful bidder with respect to the Woodstock store. In addition, on Aug. 19 a purchase agreement between Eagle Foods and J.B. Sullivan Inc. for the sale of Eagle's Freeport store was filed with the court and will be heard for approval at the Sept. 11 hearing.

Eagle intends to submit the results of Wednesday's auction for approval of the sale of such assets by the U.S. Bankruptcy Court for the Northern District of Illinois at a hearing in Chicago on Sept. 11.

Jeff Golc, a spokesman for The Kroger Company, said that there are no definite plans for the Lincoln store or any of the other stores the company won bids on. Their bids and bids won by other companies will go before the bankruptcy court for review on Sept. 11. The court may accept any, all or none of the bids. So until that time, bidders don't really have the stores, and nothing is definite.


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Eagle continues to pursue opportunities for the balance of its stores, including setting a subsequent auction for 10 of its stores on Aug. 28 and extending the bid deadline to Sept. 11 for the remaining stores.

As previously announced, a court hearing has been scheduled for Aug. 21 to consider the sale of certain assets of the Dubuque, Moline and Bettendorf, Iowa, locations to Hy-Vee and certain assets of the Rochelle location to J.B. Sullivan.

The company operates 50 Eagle Country Markets in Iowa and Illinois.

[Eagle Foods press release]

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